Conformity for conformity’s sake is of questionable value, as great writers such as Thoreau and Emerson reminded us back in the olden days. On the other hand, consistency is to be valued and pursued whenever possible. Or, at least as long as the underlying facts, assumptions, and principles remain in force.
Last week’s column – as good as any way to refer to my weekly writing here – mentioned the nascent trend of gold starting to outperform the equity markets. Another young, still-uncertain trend mentioned was the mining shares’ superiority to physical gold/silver as speculative investments. Third was the implicit underperformance of equities, which connects to my theme of a possible stock market top at the very end of 2013. All of these are nascent trends: recently started, unproven and fragile. None are of the “bet the farm” variety, and to a large degree, all of them depend on the others continuing.
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